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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2018

FINANCIAL RISK MANAGEMENT [Abstract]

Net Assets/Liabilities Position and Effect on Financial Results

Net assets / liabilities position in USD		2018				2017				2016
Assets			394,369				192,764				88,463
Liabilities			(588,525	)			(286,129	)			(317,952	)
Total			(194,156	)			(93,365	)			(229,489	)
Effect on financial results in $
Pesos			739,849				259,923				365,543
Total			739,849				259,923				365,543

Fixed-Rate and Floating-Rate Financial Assets and Liabilities

The following table shows a breakdown of the Company’s fixed-rate and floating-rate financial assets and liabilities as of December 31, 2018 and 2017:

		Financial assets (1)								Financial liabilities (2)
		2018				2017				2018				2017
Fix interest rate			8,525,212				3,097,259				18,941,643				5,326,559
Variable interest rate			14,473				31,868				-				-
Total			8,539,685				3,129,127				18,941,643				5,326,559

⁽¹⁾ Includes mutual funds, LETES, Lebacs and bank accounts. Trade receivables do no bear interests, except for Ps. 14,473 and Ps. 31,868, which bears CER plus a spread of 8% as of December 31, 2018 and 2017, respectively.

⁽²⁾ Includes loans, issuance expenses and financial leasing

Monthly Short Tons

This agreement is valid between October 2018 and April 2020, according to the following monthly short tons:

Period		Propane				Butane				Natural gasoline
October 2018 – April 2019			6,045				4,506				2,700
May 2019 – September 2019			-				-				4,100
October 2019			9,068				7,010				4,200
November 2019 – April 2020			13,098				10,014				6,000

Current and Non-Current Trade Receivables

As of December 31, 2018 and 2017, the balance of current and non-current trade receivables, net of allowances of doubtful accounts are as follows:

		2018				2017
Current trade receivables			3,247,020				3,002,432
Non-current trade receivables			-				4,511
Allowances for doubful accounts			(132,521	)			-
Total			3,114,499				3,006,943

Significant Customers

Significant customers in terms of revenues and trade receivables (net of allowances of doubtful accounts) from natural gas transportation for the years ended December 31, 2018, 2017  and 2016 are as follows:

		2018								2017								2016
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
MetroGas			3,222,608				375,580				1,916,408				309,208				1,166,861
Camuzzi Gas Pampeana S.A.			2,393,722				279,663				1,408,811				226,138				702,375
Naturgy Argentina			1,931,580				239,730				1,012,029				172,665				524,030
CAMMESA			1,337,714				183,249				889,716				232,175				651,592
Pampa Energía			439,556				91,684				44,683				1,302				43,034
Camuzzi Gas del Sur S.A.			534,462				56,928				310,222				46,319				156,503

Revenues from Liquids Production and Commercialization customers (including those made on behalf of third parties, from whom the Company earns a commission and trade receivables (net of allowances of doubtful accounts) for the years ended December 31, 2018, 2017 and 2016 are as follows:

		2018								2017								2016
		Revenues				Trade receivables				Revenues				Trade receivables				Revenues
PBB Polisur			5,267,302				708,797				3,683,956				520,645				3,565,562
Petredec			858,846				-				1,377,647				433,916				-
Geogas Trading S.A.			1,102,307				-				571,260				-				931,432
Shell Trading (US) Company			89,868				-				1,425,123				276,932				-
Petrobras Global Trading BV			1,743,806				137,413				-				-				-
Petroleo Brasileiro			-				-				-				-				546,476
Braskem Netherlands B.V.			-				-				-				-				42,611

Maturities of Financial Assets

Below is a detail of the maturities of the financial assets included in: (i) cash and cash equivalents, (ii) other financial assets, (iii) trade receivables, (iv) other receivables and (v) derivate financial instruments, as of December 31, 2018 and 2017:

		December 31-2018
		Cash and cash equivalents				Other financial assets				Receivables (1) (2)
Without specified maturity			14,485,525				-				467
With specified maturity
Overdue
Until 12-31-2017			-				-				133,771
From 01-01-18 to 03-31-18			-				-				310
From 04-01-18 to 06-30-18			-				-				4,020
From 07-01-18 to 09-30-18			-				-				11,400
From 10-01-18 to 12-31-18			-				-				535,609
Total overdue			-				-				685,110
Non-due
From 01-01-19 to 03-31-19			2,159,302				219,767				2,945,285
From 04-01-19 to 06-30-19			-				1,495				41,157
From 07-01-19 to 09-30-19			-				1,495				-
From 10-01-19 to 12-31-19			-				1,229				-
During 2020			-				3,357				5,529
During 2021			-				3,044				-
During 2022			-				1,911				-
During 2023			-				448				-
From 2024 onwards			-				-				-
Total non-due			2,159,302				232,746				2,991,971
Total with specified maturity			2,159,302				232,746				3,677,081
Total			16,644,827				232,746				3,677,548

⁽¹⁾ The total amount of the receivables without specified maturity is recorded in Non-current assets.

⁽²⁾ Includes financial assets recorded in trade receivables and other receivables.

		December 31-2017
		Cash and cash equivalents				Other financial assets				Receivables (1) (2)
Without specified maturity			2,943,101				-				685
With specified maturity
Overdue
Until 12-31-2016			-				-				2,990
From 01-01-17 to 03-31-17			-				-				202
From 04-01-17 to 06-30-17			-				-				2,637
From 07-01-17 to 09-30-17			-				-				18,736
From 10-01-17 to 12-31-17			-				-				220,135
Total overdue			-				-				244,700
Non-Due
From 01-01-18 to 03-31-18			973,646				591,525				3,017,756
From 04-01-18 to 06-30-18			-				1,533,148				3,703
From 07-01-18 to 09-30-18			-				332,232				3,188
From 10-01-18 to 12-31-18			-				2,364				3,839
During 2019			-				8,436				17,624
During 2020			-				4,954				-
During 2021			-				4,494				-
During 2022			-				2,822				-
From 2023 onwards			-				663				-
Total non-due			973,646				2,480,638				3,046,110
Total with specified maturity			973,646				2,480,638				3,290,810
Total			3,916,747				2,480,638				3,291,495

⁽¹⁾ The total amount of the receivables without specified maturity is recorded in Non-current assets.

⁽²⁾ Includes financial assets recorded in trade receivables and other receivables.

Maturities of Financial Liabilities

The amounts disclosed in the table are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the statement of financial position. These tables are made based on available information at the end of each year and may not reflect the actual amounts in the future. Therefore, the amounts disclosed are provided for illustrative purposes only:

		December 31, 2018
		Loans				Other financial liabilities				Financial Leases
Without specified maturity			-				-				-
With specified maturity
Overdue
Until 12-31-2017			-				103,597				-
From 01-01-18 to 03-31-18			-				311				-
From 04-01-18 to 06-30-18			-				311				-
From 07-01-18 to 09-30-18			-				311				-
From 10-01-18 to 12-31-18			-				311				56,891
Total overdue			-				104,841				56,891
Non-due
From 01-01-19 to 03-31-19			-				3,352,746				70,499
From 04-01-19 to 06-30-19			636,188				21,739				70,499
From 07-01-19 to 09-30-19			-				-				70,499
From 10-01-19 to 12-31-19			636,188				-				70,499
During 2020			1,272,375				-				282,034
During 2021			1,272,375				-				282,034
During 2022			1,272,375				-				282,034
During 2023			1,272,375				-				282,034
From 2024 onwards			20,758,563				-				732,549
Total non-due			27,120,439				3,374,485				2,142,681
Total with specified maturity			27,120,439				3,479,326				2,199,572
Total			27,120,439				3,479,326				2,199,572

		December 31, 2017
		Loans				Other financial liabilities				Financial Leases
Without specified maturity			-				-				-
With specified maturity
Overdue
Until 12-31-2016			-				109,528				-
From 01-01-17 to 03-31-17			-				459				-
From 04-01-17 to 06-30-17			-				459				-
From 07-01-17 to 09-30-17			-				459				-
From 10-01-17 to 12-31-17			-				459				41,545
Total overdue			-				111,364				41,545
Non-Due
From 01-01-18 to 03-31-18			-				2,300,495				51,490
From 04-01-18 to 06-30-18			2,012,300				125,344				51,490
From 07-01-18 to 09-30-18			-				-				51,490
From 10-01-18 to 12-31-18			169,249				-				51,490
During 2019			2,012,300				-				205,985
During 2020			1,843,053				-				205,985
During 2021			-				-				205,985
During 2022			-				-				205,985
From 2023 onwards			-				-				741,035
Total non-due			6,036,902				2,425,839				1,770,935
Total with specified maturity			6,036,902				2,537,203				1,812,480
Total			6,036,902				2,537,203				1,812,480

Gearing Ratio

During the year ended December 31, 2018 and 2017, the gearing ratio was as follows:

			2018			2017
Total debt (Note 13)			20,597,052				6,642,620
Total Equity			30,945,305				25,279,589
Total Capital			51,542,357				31,922,209
Gearing Ratio			0.40				0.21

Categories of Financial Assets and Liabilities

The categories of financial assets and liabilities as of December 31, 2018 and 2017 are as follows (According to the chosen transition method, the comparative information has not been restated. See Notes 3 and 4.d):

		December 31, 2018
		Financial assets at fair value				Financial assets held to maturity				Total
CURRENT ASSETS
Trade receivables			-				3,114,499				3,114,499
Other receivables			-				424,339				424,339
Derivative financial instruments			218,272				-				218,272
Other financial assets at amortized cost			-				5,714				5,714
Cash and cash equivalents			2,161,167				14,483,660				16,644,827
Total current assets			2,379,439				18,028,212				20,407,651
NON-CURRENT ASSETS
Other receivables			-				6,189				6,189
Other financial assets at amortized cost			-				8,760				8,760
Total non-current assets			-				14,949				14,949
Total assets			2,379,439				18,043,161				20,422,600

		Financial liabilities at fair value				Other financial liabilities				Total
CURRENT LIABILITIES
Trade payables			-				3,092,037				3,092,037
Loans			-				442,836				442,836
Payroll and social security taxes payables			-				309,351				309,351
Other payables			-				80,674				80,674
Total current liabilities			-				3,924,898				3,924,898
NON-CURRENT LIABILITIES
Loans			-				20,154,216				20,154,216
Total non-current liabilities			-				20,154,216				20,154,216
Total liabilities			-				24,079,114				24,079,114

		December 31, 2017
		Financial assets at fair value				Financial assets held to maturity				Loans and other receivables				Total
CURRENT ASSETS
Trade receivables			-				-				3,002,432				3,002,432
Other receivables			-				-				270,464				270,464
Other financial assets at amortized cost			-				2,123,611				10,500				2,134,111
Other financial assets at fair value through profit or loss			325,158				-				-				325,158
Cash and cash equivalents			1,960,696				-				1,956,051				3,916,747
Total current assets			2,285,854				2,123,611				5,239,447				9,648,912
NON-CURRENT ASSETS
Trade receivables			-				-				4,511				4,511
Other receivables			-				-				14,088				14,088
Other financial assets at fair value through profit or loss			-				-				21,369				21,369
Total non-current assets			-				-				39,968				39,968
Total assets			2,285,854				2,123,611				5,279,415				9,688,880

		Financial liabilities at fair value				Other financial liabilities				Total
CURRENT LIABILITIES
Trade payables			-				2,145,738				2,145,738
Loans			-				1,962,609				1,962,609
Payroll and social security taxes payables			-				282,973				282,973
Other payables			-				49,531				49,531
Total current liabilities			-				4,440,851				4,440,851
NON-CURRENT LIABILITIES
Loans			-				4,680,011				4,680,011
Total non-current liabilities			-				4,680,011				4,680,011
Total liabilities			-				9,120,862				9,120,862

Fair Value of Financial Assets and Liabilities

The table below shows different assets and liabilities at their fair value classified by hierarchy as of December 31, 2018 and 2017:

		December 31, 2018
		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Cash and cash equivalents			2,161,167				-				-				2,161,167
Derivative financial instruments			-				218,272				-				218,272
Total			2,161,167				218,272				-				2,379,439

		December 31, 2017
		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Cash and cash equivalents			1,960,696				-				-				1,960,696
Other current financial assets at fair value through profit or loss			325,158				-				-				325,158
Total			2,285,854				-				-				2,285,854

The following table reflects the carrying amount and estimated fair value of the 2018 Notes as of December 31, 2018, based on their quoted market price:

		Carrying amount				Fair value
2018notes			18,941,643				17,200,060

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